March 15, 2008 at 2:52 pm #53772
A lady who has a deposit on a property at Los Lagos has been advised by Direct Lawyers that developer of Los Lagos is close to bankruptcy Any one heard this or is it just rumours to get people to complete
March 15, 2008 at 4:24 pm #79919
I would not trust these lawyers as far as I could throw them. They are so far up the developers a*** that they could tickle their tonsils.
March 15, 2008 at 4:27 pm #79920
Hi Karen, I have been hearing this ‘rumour’ for about 9 months now. I think we will never know the truth until/when/if they actually go under.
As a ruse to get people to complete? Quite possibly, but who knows. I wouldn’t put it past them to use this tactic.
March 15, 2008 at 4:35 pm #79922
Are they the same developers as realia? They are advertising their development near Estepona with a free ten thousand euro voucher for buyers.
March 15, 2008 at 4:41 pm #79923
Yes they are Katy, ( Grupo Eralia)
They are advertising their development near Estepona with a free ten thousand euro voucher for buyers.
Desperation has set in! I bet it is not a cash voucher.
March 15, 2008 at 4:54 pm #79924
Have just found they have a new website: http://www.eralia.com/
If you click on: Quienes somos (top left), you’ll see a couple of nice pictures of some ‘happy bunnies’ responsible for our wonderful, stress-free developments.
If you scroll down under the photos, you’ll see all ‘their’ developments listed, and all the little baby companies they register them under, so if the doo-doos hit the fan, these cats are protected hiding behind the parent company.
They boast it’s an Eralia development until things go wrong, then suddenly they are only ‘the promoter’ and not responsible.
March 15, 2008 at 5:14 pm #79925
Charlie, we found “The European” magazine the other day, you remember? The big glossy pages when they launched the development stating that GH was an Eralia development. 🙄
Karen, if the developers go bust the lady you mention will probably be able to buy from the receivers at a discount!
March 15, 2008 at 6:49 pm #79927
You forget the Eralia are no longer shareholders in Los Lagos:
Venta de Participaciones
El pasado año (el 3 de Mayo de 2007), Grupo Eralia S.L. procedió a la venta de las participaciones sociales que mantenía con las sociedades “Los Lagos de Santa María Golf S.L.”, “Marbella Vistagolf S.L.”, “Dream Hill S.L.” y “Eneusmar S.L.”. Asimismo, desde ese momento Eralia dejó de comercializar las promociones “Los Lagos de Santa María Golf”, “Santa María Green Hills” y “La Hacienda del Señorío de Cifuentes”.
Google translates to
Sale of Shares
Last year (May 3, 2007), Group Eralia SL Proceeded to the sale of company shares that the company had with “The Lakes Golf SL Santa Maria,” “Vistagolf SL Marbella”, “Dream Hill SL” And “Eneusmar S.L..” Also, since that time Eralia stopped marketing promotions “The Lakes Golf Santa Maria”, “Santa Maria Green Hills” and “La Hacienda del Señorío de Cifuentes.”
I would guess the owners of the unsold properties has changed hands many times on paper by now (they did on ours and that was smooth by comparison to Los Lagos), although i would wager it’s still the usual suspects. You will have the devil’s own job to sort out who is rumoured to be “going bust.” Get your Lawyer to do a Land Registry search on the owners of your apartment, if it’s a company get their accounts, then get the accounts checked by an accountant. You will then have an idea if they are going bust or not.
They are delaying like mad all of the people who have a case running against them while trying to get others to complete. They will know a great deal more than you or anyone on this board when they are likely to get a FLO for that development. Once they do your chances of getting satisfaction through the courts will be drastically reduced if your case is based on delay and lack of LFO. Clearly this is just my opinion.
By the way as you know Karen I have friends at Los Lagos and they seem relatively happy with their lot, but like most on the CDS keen to get a LFO at sometime.
March 15, 2008 at 7:18 pm #79928
You forget the Eralia are no longer shareholders in Los Lagos:
I hadn’t forgotten Paul. 😉
On the link that Charlie gave to the newly updated Eralia website (FEB 2008) Leonardo Cromstedt is mentioned as are all the above developments. To a lay person reading it, you would not know that Jimminez Moleon is now in the driving seat, and that it was not the same as 2003. Even if they sold their shares does that mean they can just walk away from all responsibilities for the problems they have caused people by not having legal licences?
I’m not asking you to answer Paul, I’m just expressing an opinion. 🙂 I think you are right when you say:
They are delaying like mad all of the people who have a case running against them while trying to get others to complete. They will know a great deal more than you or anyone on this board when they are likely to get a FLO for that development. Once they do your chances of getting satisfaction through the courts will be drastically reduced if your case is based on delay and lack of LFO
This is what Katy said in another posting. I feel desperately sorry for all the people who bought on these developments that they are having to wait so long to get a judgement, whichever way it goes.
March 15, 2008 at 7:51 pm #79929
Even if they sold their shares does that mean they can just walk away from all responsibilities for the problems they have caused people by not having legal licences?
That’s as may be Claire but Eriala only owned about 6% of the total shareholding (GRUPO ERALIA SL. 2004 accounts). My information is that Los Lagos de Santa María Golf S.L. are now the owners of the properties and you will probably find that that’s who people are suing and the going bust rumour is about. Saying it’s Eriala is misleading even if they are all related (which we know they are)
March 15, 2008 at 8:34 pm #79931
Saying it’s Eriala is misleading even if they are all related (which we know they are)
And that Paul is where we come full circle. We were told that they were “Eralia’s developments”. We were totally misled. But that’s not what this thread is about. It’s about DLM. I’ll say no more on this subject 🙂 (Eralia).
March 15, 2008 at 9:08 pm #79932
Who invited then to the HOP and gave them an award !!!
Might be worth while finding out which MP is on their pay role.
March 16, 2008 at 12:38 pm #79936
Eralia & Realia are two different companies. I recall this being raised on the forum in the past. Perhaps Mark would confirm.
The development by Realia near Estepona is all sold except 17, these are situated near the main N340, They are two/three bedroom duplexes, starting prices €385K.
It is not correct that Corte Engles voucher is being offered. No discounts are being offered as I can understand as they have sold practically all except as stated above which is negligible. The location, quality and after sales is the best I have seen in Spain. Besides i have only seen a sign or two for the second hand sale market.
March 16, 2008 at 1:35 pm #79937
They are advertising the vouchers, I have personally read them this week in one or two magazines! How do you know they are el corte ingles?? I knew it but I didn’t mention it.
If the development is so great and successful how come they are spending so much on advertising?
March 16, 2008 at 2:25 pm #79938
Sorry, the prices should have read as €485k and not €385k.
Katy, as to why do I know! I try and keep myself informed no matter how useless the information is. Knowledge is power.
As far as why are they advertising? You are perhaps are not aware that all large companies have an advertising budget and that keeps their market presence and brand name alive. The companies have allocated/blocked advertising spaces with the media. The media than rotate and this instance the development in question or Realia’s other developments such as in Malaga,Manilva, Seville, Madrid etc.
Further if they reduce advertising than the advertising budget gets reduced and the respective head of the department does not want to lose his revenue.
March 16, 2008 at 2:38 pm #79939
You have not addressed what I asked
If they are NOT offering 10,000 euro vouchers how did you know they are for El Corte Ingles?
I repeat “I have seen the advertisement”
March 16, 2008 at 5:53 pm #79943
Katy: ” If they are NOT offering 10,000 euro vouchers how did you know they are for El Corte Ingles? “
Sorry, it should have read as “it is not incorrect ” I have my sources and for obvious reasons I cant disclose them, besides in this instance it does not have to be disclosed as it seams a common knowledge.
Personally, I would take a 10% discount and save the 7% VAT on the €10k, as El Cotre Ingles is not exactly MFI. My €10,700, will go a long way in other shops.
March 18, 2008 at 9:29 am #79975
So…3 differnt names are being used in this short thread! Eralia . Eriala ( ❓ )…..Realia, It’s like Chinese whispers! 😆 …and quickly off topic. 😕
March 18, 2008 at 4:00 pm #79979
Do not trust DLM with a bargepole. Originally known as Chambers Defoe then Cortez Hapsburg Mckeown (ish), and now DLM. Their then senior partner did a moonlight to Thailand to get involved with a development called Pura Varna that he and Ocean were pushing.
It is a fact that they were the lawyers recommended by Ocean Estates when we to our cost were given the “ýou cannot lose” tour by Ocean Estates, something we regretted ever since.
March 18, 2008 at 4:48 pm #79982
Yes I remember it well, I got the same package as you, If you were taken to their offices you’ll remember the plush english wall to wall carpeting, which you and I paid towards, I moved on last year.
March 18, 2008 at 7:00 pm #79986
We remember it well too!! 😈 Lovely view over the Marina in Marbella. they have since moved, as we did from them when the s** hit the fan over GH.
March 21, 2008 at 1:34 pm #80122
Remember everyone, DO NOT TRUST DLM (lawyers) NOR OCEAN ESTATES WITH A BARGEPOLE BASED ON OUR EXPERIENCES AND THOSE OF MANY OTHERS!!!!!!!!
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